Textile - Spinning · Founded 1978 · www.suryavanshi.com · BSE 514140 · NSE SURYAVA SPIN · ISIN INE431C01023
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Business
Suryavanshi Spinning Mills Ltd. is an Indian textile company primarily engaged in the manufacturing of various types of spun yarn. Its core business involves processing raw fibers, predominantly cotton and man-made fibers, into yarn for further use in weaving and knitting. The company produces a diverse range of yarns including 100% cotton yarn (carded, combed, compact, organic), blended yarns (e.g., polyester-viscose, cotton-modal, cotton-polyester), melange yarn, and grey yarn. It operates integrated spinning facilities. The company generates revenue by selling these yarns to domestic fabric manufacturers, knitters, and garment exporters, as well as directly exporting to international markets.
Revenue Mix
The primary business segment for Suryavanshi Spinning Mills Ltd. is the manufacturing and sale of spun yarn. While the company offers a variety of yarn types (cotton, blended, melange), these are generally consolidated under a single 'textile products' segment for financial reporting purposes. Specific revenue contributions from different yarn types or geographical sales mix (domestic vs. export) are not typically detailed in public filings by pure-play spinning companies, but all revenue stems from yarn sales.
Industry
The Indian textile spinning industry is highly fragmented, characterized by a large number of players and significant competition. India is a major global producer and exporter of yarn. The industry is capital-intensive and heavily reliant on the availability and price stability of raw materials, primarily cotton. With an installed capacity of over 1.6 lakh spindles and 2880 rotors, Suryavanshi Spinning Mills positions itself as a medium-to-large-scale player. It differentiates itself through a wide product range and a focus on quality, evidenced by certifications like GOTS and Oeko-Tex Standard 100, which enable it to cater to both domestic and international markets, including those with stringent quality and sustainability demands.
MOAT
Suryavanshi Spinning Mills' competitive advantages likely stem from:
Operational Scale & Efficiency: Its substantial spindle capacity allows for economies of scale in raw material procurement and manufacturing, potentially leading to cost efficiencies.
Product Diversification & Quality: Offering a broad portfolio of yarns (cotton, blended, melange, organic) helps cater to diverse customer needs and reduces dependence on a single product. Quality certifications open doors to premium and export markets.
Established Customer Relationships: Long-standing relationships with domestic and international buyers provide market stability and repeat business.
Experience in the Industry: The promoter group's long tenure in the textile sector provides operational expertise and market understanding.
Growth Drivers
Rising Domestic Textile Demand: Increasing disposable incomes, population growth, and evolving fashion trends in India are expected to drive higher domestic consumption of textiles and apparel.
Export Market Growth: Global demand for Indian textiles and yarn, supported by India's competitive manufacturing base and potential trade agreements, offers significant export opportunities.
Government Initiatives: Schemes such as the Production Linked Incentive (PLI) scheme for textiles and apparels could incentivize capacity expansion, technological upgrades, and diversification into value-added products.
Product Diversification: Expansion into higher-margin, specialized, or technical yarns can improve profitability and market positioning.
Risks
Raw Material Price Volatility: Fluctuations in cotton and other fiber prices are a major risk, as they directly impact production costs and profitability, often with limited ability to pass on increases to customers.
Intense Competition: The highly fragmented nature of the spinning industry leads to fierce price competition, which can put pressure on margins.
Currency Fluctuations: As a significant exporter, the company is exposed to foreign exchange rate volatility, which can affect export realizations and profitability.
Global Economic Downturns & Trade Policies: Reliance on international markets makes the company vulnerable to global economic slowdowns, protectionist trade measures, and geopolitical tensions.
Regulatory and Environmental Compliance: Evolving environmental regulations related to water usage, waste management, and energy consumption could lead to increased operational costs and compliance challenges.
Management & Ownership
Suryavanshi Spinning Mills Ltd. is promoted by the Suryavanshi family, who hold a substantial ownership stake. Mr. Brij Mohan Suryavanshi, as Chairman & Managing Director, and Mr. Praveen Suryavanshi, as Joint Managing Director, are key figures from the promoter group. The management team is expected to possess considerable experience and expertise in the textile industry, crucial for navigating raw material sourcing, production efficiencies, and market dynamics in a capital-intensive and competitive sector.
Outlook
Suryavanshi Spinning Mills operates in a fundamental yet competitive segment of the textile value chain. The company benefits from India's strong position in global yarn production and a growing domestic market. Its diversified product range, focus on quality, and established manufacturing scale provide a foundation for stability. Potential growth drivers include increasing textile demand both domestically and internationally, alongside supportive government policies.
However, the outlook is tempered by significant challenges. The inherent volatility of raw material prices, intense competition, and exposure to global trade dynamics present continuous risks to profitability and operational stability. The company's success will depend on its ability to effectively manage raw material procurement, maintain high operational efficiency, adapt to evolving market demands for specialized yarns, and navigate a complex and competitive operating environment.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 2 |
| Other Income | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 1 | 0 | 0 | 0 | 2 | 1 | 1 | 2 | 2 |
| Total Expenditure | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 2 | 1 | 1 |
| Operating Profit | 0 | 1 | -1 | -1 | 0 | 1 | 0 | -0 | 1 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 4 | 0 | 0 | 0 | 4 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 5 | -1 | -1 | -0 | 5 | -0 | -1 | 1 | 0 |
| Provision for Tax | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | 5 | -1 | -1 | -0 | 5 | -0 | -1 | 1 | 0 |
| Adjustments | -1 | -2 | -0 | -1 | -1 | -2 | 0 | -0 | 2 | -1 |
| Profit After Adjustments | -1 | 3 | -1 | -2 | -1 | 3 | 0 | -1 | 3 | -1 |
| Adjusted Earnings Per Share | -0.3 | 9.6 | -2.4 | -2.3 | -0.2 | 10.8 | -0.4 | -1.1 | 2.3 | 0.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 106 | 102 | 65 | 33 | 20 | 26 | 43 | 53 | 1 | 1 | 1 | 6 |
| Other Income | 2 | 1 | 1 | 0 | 0 | 1 | 0 | 2 | 0 | 2 | 2 | 0 |
| Total Income | 108 | 103 | 66 | 33 | 20 | 27 | 44 | 54 | 2 | 2 | 3 | 6 |
| Total Expenditure | 101 | 99 | 70 | 37 | 21 | 31 | 40 | 50 | 2 | 1 | 3 | 5 |
| Operating Profit | 6 | 4 | -4 | -4 | -1 | -4 | 4 | 5 | -0 | 1 | 0 | 1 |
| Interest | 4 | 5 | 6 | 1 | 1 | 2 | 2 | 2 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 0 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | -0 | 0 | 3 | 0 | 8 | 0 | 0 | 2 | 7 | 4 | 0 |
| Profit Before Tax | 0 | -3 | -12 | -4 | -3 | -1 | 0 | 2 | 1 | 7 | 3 | 0 |
| Provision for Tax | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | -0 | 0 |
| Profit After Tax | 0 | -4 | -13 | -4 | -3 | -1 | -1 | 2 | 1 | 7 | 3 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -5 | -5 | 1 |
| Profit After Adjustments | 0 | -4 | -13 | -4 | -3 | -1 | -1 | 2 | -0 | 1 | -2 | 1 |
| Adjusted Earnings Per Share | 0.6 | -8.6 | -26.1 | -7.2 | -6.9 | -1.8 | -1.6 | 3.1 | 2.8 | 13.8 | 7.1 | 1.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -73% | -48% | -37% |
| Operating Profit CAGR | -100% | -100% | 0% | -100% |
| PAT CAGR | -57% | 14% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -39% | -14% | 11% | 3% |
| ROE Average | 0% | 0% | 0% | -36% |
| ROCE Average | 93% | 60% | 42% | 18% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 14 | 10 | -3 | -6 | -9 | -11 | -11 | -9 | -10 | -8 | -10 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 19 | 19 | 17 | 15 | 16 | 12 | 12 | 11 | 20 | 12 | 12 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 5 | 3 |
| Total Current Liabilities | 24 | 27 | 33 | 32 | 32 | 36 | 38 | 37 | 25 | 17 | 13 |
| Total Liabilities | 58 | 57 | 49 | 42 | 40 | 38 | 39 | 40 | 36 | 26 | 18 |
| Fixed Assets | 32 | 31 | 33 | 31 | 29 | 26 | 25 | 25 | 24 | 10 | 8 |
| Other Non-Current Assets | 3 | 6 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total Current Assets | 23 | 20 | 14 | 9 | 9 | 9 | 12 | 13 | 11 | 14 | 8 |
| Total Assets | 58 | 57 | 49 | 42 | 40 | 38 | 39 | 40 | 36 | 26 | 18 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 | 0 |
| Cash Flow from Operating Activities | -7 | 6 | 2 | 4 | 2 | -1 | 4 | 7 | -4 | -14 | 1 |
| Cash Flow from Investing Activities | -1 | -4 | 0 | 1 | -0 | 7 | 1 | -3 | 6 | 19 | 1 |
| Cash Flow from Financing Activities | 9 | -5 | -2 | -6 | -2 | -6 | -3 | -6 | -1 | -6 | -2 |
| Net Cash Inflow / Outflow | 1 | -2 | -0 | -0 | -0 | 0 | 1 | -1 | 0 | -0 | -0 |
| Closing Cash & Cash Equivalent | 3 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.59 | -8.56 | -26.06 | -7.22 | -6.93 | -1.78 | -1.57 | 3.07 | 2.78 | 13.82 | 7.1 |
| CEPS(Rs) | 4.12 | -5.03 | -22.35 | -3.33 | -3.19 | 1.72 | 1.96 | 6.57 | 3.65 | 14.84 | 8.3 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 28.31 | 19.76 | -5.46 | -12.64 | -18.88 | -21.82 | -22.6 | -19.09 | -19.71 | -16.76 | -20.18 |
| Core EBITDA Margin(%) | 4.6 | 2.67 | -7.03 | -11.76 | -6.26 | -19.29 | 7.99 | 5.97 | -27.99 | -90.13 | -140.75 |
| EBIT Margin(%) | 4.41 | 1.96 | -8.96 | -8.59 | -14.2 | 6 | 5.08 | 5.74 | 119.99 | 1075.93 | 330.75 |
| Pre Tax Margin(%) | 0.27 | -3.28 | -18.14 | -10.74 | -16.93 | -3.38 | 0.93 | 2.85 | 97.87 | 1032.63 | 307.44 |
| PAT Margin (%) | 0.27 | -4.12 | -19.54 | -10.74 | -16.93 | -3.38 | -1.78 | 2.85 | 97.59 | 1032.63 | 313.37 |
| Cash Profit Margin (%) | 1.9 | -2.42 | -16.76 | -4.95 | -7.8 | 3.27 | 2.22 | 6.1 | 128.32 | 1109.35 | 366.41 |
| ROA(%) | 0.5 | -7.32 | -24.12 | -7.77 | -8.32 | -2.25 | -2 | 3.81 | 3.6 | 22.02 | 16 |
| ROE(%) | 2.07 | -35.6 | -364.67 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | 10.81 | 4.15 | -14.48 | -8.59 | -9.75 | 6.59 | 11.73 | 19.32 | 12.23 | 73.94 | 93.4 |
| Receivable days | 19.78 | 16.76 | 16.98 | 20.76 | 30.99 | 30.29 | 26.03 | 19.03 | 507.66 | 548.47 | 136.92 |
| Inventory Days | 35 | 38.61 | 51.71 | 53.3 | 37.15 | 31.33 | 30.83 | 37.13 | 1356.09 | 1382.59 | 161.29 |
| Payable days | 55.14 | 28.46 | 49.23 | 106.75 | 443.41 | 139.66 | 119.31 | 126.35 | 6717.2 | 0 | 0 |
| PER(x) | 14.89 | 0 | 0 | 0 | 0 | 0 | 0 | 5.36 | 7.75 | 1.68 | 3.37 |
| Price/Book(x) | 0.31 | 0.47 | -1.72 | -0.47 | -0.26 | -0.37 | -0.35 | -0.86 | -1.09 | -1.38 | -1.19 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.35 | 0.4 | 0.64 | 1.21 | 1.94 | 1.32 | 0.72 | 0.58 | 23.99 | 37.56 | 21.79 |
| EV/Core EBITDA(x) | 5.87 | 10.45 | -10.34 | -11.26 | -38.32 | -7.86 | 8.01 | 6.47 | -123.17 | 25.53 | 158.59 |
| Net Sales Growth(%) | -5.83 | -4.27 | -35.71 | -49.58 | -39.1 | 28.71 | 67.39 | 22.03 | -97.36 | -52.98 | 69.29 |
| EBIT Growth(%) | -4.48 | -57.5 | -394.07 | 51.66 | -0.69 | 154.37 | 41.64 | 37.94 | -44.73 | 321.64 | -47.96 |
| PAT Growth(%) | 199.07 | -1546.04 | -204.65 | 72.29 | 3.98 | 74.3 | 11.83 | 295.51 | -9.58 | 397.56 | -48.63 |
| EPS Growth(%) | 199.06 | -1546.11 | -204.65 | 72.29 | 3.98 | 74.3 | 11.84 | 295.52 | -9.59 | 397.56 | -48.62 |
| Debt/Equity(x) | 2.59 | 3.75 | -14.03 | -6.01 | -3.97 | -2.83 | -2.61 | -2.44 | -2.44 | -1.63 | -1.27 |
| Current Ratio(x) | 0.95 | 0.72 | 0.42 | 0.28 | 0.27 | 0.26 | 0.32 | 0.34 | 0.42 | 0.83 | 0.62 |
| Quick Ratio(x) | 0.52 | 0.31 | 0.19 | 0.22 | 0.21 | 0.19 | 0.2 | 0.18 | 0.25 | 0.8 | 0.59 |
| Interest Cover(x) | 1.07 | 0.37 | -0.98 | -3.99 | -5.2 | 0.64 | 1.22 | 1.99 | 5.42 | 24.85 | 14.19 |
| Total Debt/Mcap(x) | 8.33 | 8.06 | 8.17 | 12.75 | 15.45 | 7.71 | 7.57 | 2.83 | 2.23 | 1.18 | 1.07 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.07 | 58.07 | 58.07 | 58.07 | 58.07 | 58.07 | 62.97 | 62.97 | 62.97 | 62.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 41.91 | 41.91 | 41.91 | 41.91 | 41.91 | 41.91 | 37.01 | 37.01 | 37.01 | 37.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.31 | 0.31 | 0.31 | 0.31 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.18 | 0.18 | 0.18 | 0.18 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -73% | -48% | -37% |
| Operating Profit CAGR | -100% | -100% | — | -100% |
| PAT CAGR | -57% | +14% | — | — |
| Share Price CAGR | -39% | -14% | +11% | +3% |
| ROE Average | 0% | 0% | 0% | -36% |
| ROCE Average | +93% | +60% | +42% | +18% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.07 | 58.07 | 58.07 | 58.07 | 58.07 | 58.07 | 62.97 | 62.97 | 62.97 | 62.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 41.93 | 41.93 | 41.93 | 41.93 | 41.93 | 41.93 | 37.03 | 37.03 | 37.03 | 37.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.31 | 0.31 | 0.31 | 0.31 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.18 | 0.18 | 0.18 | 0.18 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
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